medium · Corporate Credit Analysis
Cascade Machineworks is in default with an estimated going-concern enterprise value of $408M. The capital structure consists of a $150M ABL revolver (first-out), a $400M first-lien Term Loan B, and $300M in senior unsecured notes.
Which tranche is the fulcrum security?
- Term Loan B
- Senior Unsecured Notes
- Common Equity
- ABL Revolver
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